Mondo Visione Worldwide Financial Markets Intelligence

FTSE Mondo Visione Exchanges Index:

BATS Global Markets In November: European Trade Reporting Service Becomes Market Leader - 1Q14 Close Projected For Direct Edge Merger - U.S. Equities Market Share Totals 10%, BATS Chi-X Europe Posts Another New Record In Spain

Date 04/12/2013

BATS Global Markets (BATS) today reports that its pan-European trade reporting service, BXTR, became the industry leader in its first month of operation while BATS Chi-X Europe remained Europe’s largest stock market in November.

BATS also continues progress towards approval and closing of the merger with Direct Edge Holdings, with completion of the transaction now expected in the first quarter of 2014. The company received clearance from the U.S. Department of Justice in late October and its primary focus now is on receiving approval from the Securities and Exchange Commission.

“November marked another month of tremendous growth for Europe as the team continues to build upon the Recognised Investment Exchange status earned in May, with the launch of BXTR and our European listings business,” said BATS Global Markets CEO Joe Ratterman. “In the U.S., as we move towards closing the Direct Edge transaction, we continue to focus on delivering quality markets to our customers.”

BXTR had nearly 40% market share in November, according to Thomson Reuters, while BATS Chi-X Europe set another new monthly market share record in Spain’s benchmark IBEX index (15.8%), the fifth record set in 2013. Overall, BATS Chi-X Europe recorded market share of 23.0% in November, while also launching its pan-European listings business with the listing of exchange-traded funds from iShares by BlackRock and Lyxor Asset Management, a subsidiary of Societe Generale Group.

Average daily notional value traded on BATS Chi-X Europe was €7.4 billion in November vs €7.8 billion in October. In the European securities markets covered by BATS Chi-X Europe, the total consolidated industry average daily notional value traded was €32.3 billion in November, down from €33.9 billion in October.

In the U.S., BATS reported 10% market share in U.S. equities, compared to 10.2% reported last month. Overall equities industry average daily volume was 5.9 billion shares vs 6.3 billion shares in October. BATS Options reported market share of 2.8% in November vs 3.6% in October.

During November, the BATS BZX Exchange ranked 1st or 2nd in quality of trading in 79% of the stocks in the S&P 500® Index, as measured by effective spread, according to the BATS market quality statistics. The BZX Exchange also had the lowest effective spread in 9 of the top 25 exchange traded products.

November 2013 Volume and Market Share Summary


U.S. Equities November 2013
Overall Industry – Average Daily Consolidated Volume 5.9 billion shares
BATS Exchanges (BZX and BYX Exchange) – Matched Market Share 10.0%
BATS Exchanges (BZX and BYX Exchange) – Average Daily Matched Volume 589.7 million shares
U.S. Equity Options
BATS Options – Matched Market Share 2.8%
BATS Options – Average Daily Matched Volume 424,573 contracts
European Equities
Pan-European Consolidated Volume1 – Average Daily Notional Value €32.3 billion
BATS Chi-X Europe – Overall European Market Share 23.0%
BATS Chi-X Europe – Total Notional Value Traded €155.9 billion
BATS Chi-X Europe – Average Daily Notional Value €7.4 billion

1Based on BATS Chi-X Europe market coverage, available at www.batstrading.co.uk

Volume and Market Share Statistics by Market – U.S. Equities, U.S. Equity Options, European Equities
A complete breakdown of November volume and market share for each market center is outlined below. To track U.S. and European market share for all major trading exchanges and other venues, please visit: http://www.bats.com/markets

U.S. Equities (The BATS Exchanges)
  November 2013 November 2012
The BATS Exchanges (BZX & BYX combined) (In millions, except percentages; volume and notional figures exclude odd-lots)
Average daily matched volume 589.7 787.8
Total notional value traded for the month $461,513.9 $550,447.9
Market share percentage (for the period):
Overall matched market share 10.0% 12.7%
Tape A 9.0% 11.4%
Tape B 14.3% 15.5%
Tape C 9.5% 13.7%
Volume By Exchange:
BZX Exchange:
Average daily matched volume 478.8 585.8
Total notional value traded for the month $377,242.0 $440,177.4
Market share percentage (for the period):
Overall matched market share 8.1% 9.5%
Tape A 7.3% 7.9%
Tape B 11.7% 12.9%
Tape C 7.8% 10.4%
BYX Exchange:
Average daily matched volume 111.0 203.0
Total notional value traded for the month $84,271.9 $120,270.5
Market share percentage (for the period):
Overall matched market share 1.9% 3.3%
Tape A 1.8% 3.5%
Tape B 2.6% 2.6%
Tape C 1.7% 3.2%
BATS 1000 Index    
(a broad-based U.S. equities market benchmark) 20,281.10

(11/29/13 close)

15,903.30

(11/30/12 close)

 

U.S. Equity Options (BATS Options)
  November 2013 November 2012
  Contracts Market share Contracts Market share
Average daily matched volume 424,573 2.8% 561,574 3.6%

 

European Equities2 (BATS Chi-X Europe)
  November 2013 November 2012
  (In millions, except percentage)
Total notional value €155,928.9 €150,606.4
Average daily notional value €7,425.2 €6,845.8
Displayed average daily notional value €6,784.3 €6,407.9
Non-displayed3 average daily notional value €640.9 €437.9
Overall European market share 23.0% 25.3%

 

BATS Chi-X Europe: Market share by market (for the period):
  November 2013 November 2012
London market overall 27.3% 28.8%
FTSE 100 securities 30.5% 32.4%
FTSE 250 securities 21.3% 25.8%
Nordic market overall 26.3% 27.4%
Helsinki OMXH25 securities 29.1% 26.9%
Stockholm OMXS30 securities 29.8% 30.9%
Copenhagen OMXC20 securities 24.5% 27.2%
Oslo OBX securities 21.5% 22.5%
Frankfurt market overall 23.8% 26.4%
DAX 30 securities 25.6% 27.4%
MDAX securities 21.9% 28.6%
SDAX securities 9.7% 7.3%
Zurich market overall 22.9% 24.6%
SMI securities 25.4% 26.7%
SMIM securities 19.3% 16.9%
Paris market overall 22.8% 26.6%
CAC 40 securities 24.1% 28.3%
CAC Next20 securities 22.6% 25.9%
Brussels market overall 22.0% 25.2%
BEL 20 securities 23.7% 25.9%
Amsterdam market overall 21.8% 27.0%
AEX securities 22.5% 27.5%
AMX securities 17.1% 20.3%
Vienna market overall 14.8% 18.0%
ATX securities 15.4% 18.2%
Milan market overall 13.7% 15.4%
FTSE MIB securities 14.8% 16.4%
Madrid market overall 15.0% 4.1%
IBEX 35 securities 15.8% 4.2%
Lisbon market overall 11.1% 16.1%
PSI-20 securities 11.2% 16.2%
Dublin market overall 7.4% 5.1%
ISEQ 20 securities 7.5% 5.1%
Key Indices

EUROSTOXX 50 securities

22.3% 24.0%
FTSE RIOB 9.0% 4.5%

2)Represent consolidated figures for BATS Europe (BXE) and Chi-X Europe (CXE) lit and dark books, unless otherwise noted.

3)BXE and CXE non-displayed order books.